WASHINGTON (5/11/15)--CUNA is preparing for a Senate Banking Committee markup of financial institution legislation. Sen. Richard Shelby (R-Ala.), who chairs the committee, announced Friday that he would push the session back a week to May 21, but dispelled--at this point--published reports that questioned whether his bill would come up for a vote.
"We are actively engaged with the banking committee, as we have been since the beginning of the year," said Ryan Donovan, CUNA’s chief policy officer. “The contents of the bill aren’t yet widely known. We would like to see a bill that focuses on regulatory relief for small financial institutions, since there’s a real possibility a bill that’s too broad will get bogged down.”
Politico reported expectations last week that the bill to be considered by Sen. Richard Shelby's (R-Ala.) panel will be a big, broad bill, while the Democrats have only agreed to support one more narrowly focused on helping credit unions and community banks find regulatory relief.
Wally Murray, president/CEO of Greater Nevada CU, Carson City, Nev., testified in February on behalf of CUNA before the Senate Banking Committee. During his testimony, Murray provided the committee with dozens of suggestions to help credit unions in better serving their members.
As Jim Nussle, CUNA president/CEO, said in his weekly Nussle Report to CUNA members, CUNA has been meeting with a number of committee members and staff to make sure they are aware of the importance of this issue to credit unions.
CUNA is also working to collect real-life examples of how the regulatory burden adversely affects credit unions and their members every day--information sought by the lawmakers at that hearing.